|PENSKE AUTOMOTIVE GROUP, INC. filed this Form DEF 14A on 03/16/2017|
Table of Contents
Ownership is defined as "Beneficial Ownership" (see footnote 2), plus the amount of deferred stock units held by certain non-employee directors in
connection with their director compensation.
to the regulations of the SEC, shares are deemed to be "beneficially owned" by a person if such person has the right to acquire such shares within
60 days or directly or indirectly has or shares the power to vote or dispose of such shares.
Corporation is the beneficial owner of these shares of common stock, of which it has shared power to vote and dispose together with a wholly owned subsidiary.
All of the shares deemed owned by Penske Corporation are pledged under a loan facility. Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note 4) under
certain circumstances discussed under "Certain Relationships and Related Party Transactions." If these shares were deemed to be beneficially owned by Penske Corporation, its beneficial ownership would
be 48,636,342 shares or 56.9%.
3,111,444 shares held by Mitsui & Co., (U.S.A.), Inc. and 12,447,773 shares held by Mitsui & Co., Ltd.
70,552 shares of restricted stock.
- Mr. Penske
has shared voting power with respect to these shares. Mr. Penske is not standing for re-election.
the 33,077,125 shares deemed to be beneficially owned by Penske Corporation, as to all of which shares Mr. Penske may be deemed to have shared voting
and dispositive power. Mr. Penske is the Chairman and Chief Executive Officer of Penske Corporation. Mr. Penske disclaims beneficial ownership of the shares beneficially owned by Penske
Corporation, except to the extent of his pecuniary interest therein. Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note 4) under certain
circumstances discussed under "Certain Relationships and Related Party Transactions." If these shares were deemed to be beneficially owned by Mr. Penske, his beneficial ownership would be
49,716,764 shares or 58.2%. These figures include 356,543 shares of restricted stock.
- Ms. Pierce
has shared voting power with respect to 3,150 of these shares.
20,961 shares of restricted stock
16,711 shares of restricted stock.
29,695 shares of restricted stock.
Related Party Transactions
Board of Directors has adopted a written policy with respect to the approval of related party transactions. Under the policy, related party transactions valued over $5,000 must be approved by a
majority of either the members of our Audit Committee or our disinterested Board members. Our Audit Committee approves all individual related party transactions valued below $1 million, all
multiple-payment transactions valued below $5 million (such as a lease), and any transaction substantially similar to a prior year's transaction (regardless of amount). Our Board, by a vote of
the disinterested directors, reviews and approves all